Daily Market Update - August 12, 2020

$BTC 24 Hour High $11,910.98 $BTC 24 Hour Low $11,195.71 $BTC -5.2%

Digital assets market:

  • Market cap dropped 17B to 337B during the overnight sell off that saw $BTC maintain above 11K throughout America trading session’s sell off dropping from 11,900  to 11,600

  • Seeing support levels at 11,110, and next resistance at 11,420.

  • Healthy indication of institutional adoption as CME BTC futures open interest now at 841M from 440M in late June

  • Aggregated $BTC futures volumes across top exchanges maintains 20B levels from yesterday, more than 100M Long contracts liquidated during the 8 hour sell off

  • Bull/Bear ratio at 30/70

  • $ETH fell to 373 after failing to push above resistance at 400 for the previous five days, where it lay range bound at 390-400 throughout the week. Volumes increased to 12.94B, up 8% overnight. $ETH has had three consecutive months of successful testing its testnet with no publicly announced date for the final launch at the moment

  • Crypto Fear & Greed Index remains in the ”Greed” territory 

Alts and DeFi watch:

  • DeFi market cap sitting at 10B

  • $YFI (yearn.finance) trading at 5,500 after going nearly 800% since July 22nd until today

  • $LINK down three straight days for a total of -8.2% after rejecting 14 levels, currently trading at 12.6 with oversold RSI levels and trading at the bottom range of Bollinger bands

  • $XTZ slides to 3.7 after topping 2020 highs at 4.45 yesterday. Overnight sell off dropped prices by 13% to currently trade at oversold RSI levels and still trading 6% above its 10d SMA. Support levels at 3.62 and next target at 4.0.

  • BAND protocol also saw a sharp correction after rejecting 18 levels. It dropped 31% to trade at 12 levels. Also at oversold RSI levels on the bottom Bollinger bands. 

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